The Appraisal Standards Board of The Appraisal Foundation released its fourth exposure draft of proposed changes to the upcoming 2012-13 edition of the Uniform Standards of Professional Appraisal Practice. USPAP governs most appraisals in the United States. The Appraisal Foundation is a not-for-profit organization that publishes USPAP. Its Appraisal Standards Board is composed of six appraisers who are appointed for three year terms by the Board of Trustees of The Appraisal Foundation.
This exposure draft emphasizes revising USPAP’s reporting requirements and options. “The goal of (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers,” ASB Chair Sandra Guilfoil wrote in a letter accompanying the recent draft. “This fourth exposure draft continues its refinement of additional changes to USPAP that are intended to improve its clarity, relevance and enforceability.”
The draft is open for public comment through Jan. 14. It can be found at https://appraisalfoundation.sharefile.com/d/se001d41a1384c57b .